Bill Text: NY A05571 | 2011-2012 | General Assembly | Introduced

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Bill Title: Provides for the imposition of a fixed real property assessed value on residential property owned by persons 65 years of age or older, when such owners have a combined annual income of $100,000 or less and the property taxes on such property equals or exceeds 6% of the owners' combined annual income; provides for state reimbursement to municipalities for tax revenue lost pursuant to such fixed real property assessed value.

Spectrum: Moderate Partisan Bill (Republican 7-1)

Status: (Introduced - Dead) 2012-04-18 - held for consideration in real property taxation [A05571 Detail]

Download: New_York-2011-A05571-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         5571
                              2011-2012 Regular Sessions
                                 I N  A S S E M B L Y
                                   February 23, 2011
                                      ___________
       Introduced  by  M.  of  A.  McLAUGHLIN,  STEVENSON, CALHOUN, SALADINO --
         Multi-Sponsored by -- M.  of A. HAWLEY -- read once  and  referred  to
         the Committee on Real Property Taxation
       AN  ACT to amend the real property tax law, in relation to providing for
         a fixed real property assessed value  for  residential  real  property
         owned by certain persons sixty-five years of age or older, and provid-
         ing  state  reimbursement to municipalities for lost real property tax
         revenue
         THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section  1.  The  real  property  tax  law  is amended by adding a new
    2  section 431 to read as follows:
    3    S 431. PERSONS SIXTY-FIVE YEARS OF AGE OR OLDER; FIXED  REAL  PROPERTY
    4  ASSESSED  VALUE.  1. RESIDENTIAL REAL PROPERTY OWNED AND OCCUPIED AS THE
    5  PRIMARY RESIDENCE, FOR TEN OR MORE CONSECUTIVE YEARS,  OF  ONE  OR  MORE
    6  PERSONS,  EACH  OF  WHOM  IS SIXTY-FIVE YEARS OF AGE OR OLDER AND ALL OF
    7  WHOM HAVE A COMBINED ANNUAL INCOME OF ONE HUNDRED  THOUSAND  DOLLARS  OR
    8  LESS  FOR THE INCOME TAX YEAR IMMEDIATELY PRECEDING THE DATE OF APPLICA-
    9  TION WHEN THE REAL PROPERTY TAXES  ON  SUCH  RESIDENTIAL  REAL  PROPERTY
   10  EQUALS  OR  EXCEEDS SIX PERCENT OF SUCH PERSONS' COMBINED ANNUAL INCOME,
   11  OR RESIDENTIAL REAL PROPERTY OWNED AND OCCUPIED  AS  THE  PRIMARY  RESI-
   12  DENCE,  FOR TEN OR MORE CONSECUTIVE YEARS, OF A HUSBAND AND WIFE, ONE OF
   13  WHOM IS SIXTY-FIVE YEARS OF AGE  OR  OLDER  AND  BOTH  OF  WHOM  HAVE  A
   14  COMBINED  ANNUAL  INCOME OF ONE HUNDRED THOUSAND DOLLARS OR LESS FOR THE
   15  INCOME TAX YEAR IMMEDIATELY PRECEDING THE DATE OF APPLICATION  WHEN  THE
   16  REAL  PROPERTY TAXES ON SUCH RESIDENTIAL REAL PROPERTY EQUALS OR EXCEEDS
   17  SIX PERCENT OF SUCH HUSBAND'S AND WIFE'S COMBINED ANNUAL  INCOME,  SHALL
   18  BE  ELIGIBLE  FOR  THE FIXED REAL PROPERTY ASSESSED VALUE ESTABLISHED BY
   19  THIS SECTION.
   20    2. FOR THE PURPOSES OF THIS SECTION, THE FOLLOWING  TERMS  SHALL  HAVE
   21  THE FOLLOWING MEANINGS:
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD00154-02-1
       A. 5571                             2
    1    (A) "FIXED REAL PROPERTY ASSESSED VALUE" SHALL MEAN THE LOWER OF:
    2    (I)  THE  ASSESSED  VALUE  OF REAL PROPERTY ESTABLISHED ON THE TAXABLE
    3  STATUS DATE NEXT SUCCEEDING THE DATE ON WHICH AN ELIGIBLE REAL  PROPERTY
    4  OWNER ATTAINS THE AGE OF SIXTY-FIVE YEARS; OR
    5    (II)  THE  ASSESSED  VALUE OF REAL PROPERTY ESTABLISHED ON ANY TAXABLE
    6  STATUS DATE SUBSEQUENT TO THE DATE UPON WHICH AN ELIGIBLE REAL  PROPERTY
    7  OWNER  ATTAINS  THE  AGE  OF  SIXTY-FIVE  YEARS, WHICH IS LOWER THAN THE
    8  ASSESSED VALUE ESTABLISHED PURSUANT TO SUBPARAGRAPH (I)  OF  THIS  PARA-
    9  GRAPH.
   10    (B)  "RESIDENTIAL  REAL  PROPERTY"  SHALL  MEAN  ANY ONE OR TWO FAMILY
   11  DWELLING, INCLUDING CONDOMINIUM UNITS AND COOPERATIVE UNITS.
   12    3. EACH TAXING AUTHORITY SHALL ANNUALLY DETERMINE THE FIXED REAL PROP-
   13  ERTY ASSESSED VALUE FOR EACH ELIGIBLE REAL PROPERTY OWNER.
   14    4. ANY PERSON ELIGIBLE FOR THE  FIXED  REAL  PROPERTY  ASSESSED  VALUE
   15  SHALL  ANNUALLY  APPLY  TO THE APPROPRIATE ASSESSING UNIT FOR SUCH FIXED
   16  ASSESSED VALUE.  SUCH APPLICATION SHALL BE MADE IN SUCH MANNER AND  FORM
   17  AS  SHALL  BE DETERMINED BY THE COMMISSIONER, AND SHALL REQUIRE PROOF OF
   18  THE APPLICANTS' AGES AND INCOMES. SUCH APPLICATIONS SHALL BE FILED ON OR
   19  BEFORE THE TAXABLE STATUS DATE OF THE REAL PROPERTY.
   20    5. EVERY ASSESSING UNIT SHALL NOTIFY OR CAUSE  TO  BE  NOTIFIED,  EACH
   21  PERSON  OWNING RESIDENTIAL REAL PROPERTY WITHIN ITS JURISDICTION, OF THE
   22  PROVISIONS OF THIS SECTION. SUCH NOTICE SHALL BE AND INCLUDE WORDS WHICH
   23  ARE SUBSTANTIALLY THE FOLLOWING: "RESIDENTIAL  REAL  PROPERTY  OWNED  BY
   24  PERSONS  SIXTY-FIVE  YEARS  OF AGE OR OLDER AND HAVING A COMBINED ANNUAL
   25  INCOME OF ONE HUNDRED THOUSAND DOLLARS OR LESS, WHEN THE  REAL  PROPERTY
   26  TAXES ON SUCH PROPERTY EQUAL OR EXCEED SIX PERCENT OF THE COMBINED ANNU-
   27  AL  INCOME  OF  THE  OWNERS,  MAY  BE ELIGIBLE FOR A FIXED REAL PROPERTY
   28  ASSESSED VALUE.  TO RECEIVE SUCH FIXED ASSESSED VALUE,  ELIGIBLE  OWNERS
   29  OF  QUALIFYING  REAL  PROPERTY MUST FILE AN APPLICATION WITH THEIR LOCAL
   30  ASSESSOR ON OR BEFORE THE TAXABLE STATUS DATE. FOR FURTHER  INFORMATION,
   31  PLEASE CONTACT YOUR LOCAL ASSESSOR."
   32    S  2. The real property tax law is amended by adding a new section 901
   33  to read as follows:
   34    S 901. EFFECT OF  FIXED  REAL  PROPERTY  ASSESSED  VALUE  UPON  TAXING
   35  AUTHORITIES;  STATE  AID.  1. LEVY OF TAXES; DETERMINATION OF TAXES DUE.
   36  THE AMOUNT OF TAXES TO BE LEVIED FOR ANY TAXABLE YEAR  SHALL  BE  DETER-
   37  MINED WITHOUT REGARD TO THE FACT THAT STATE AID WILL BE PAYABLE PURSUANT
   38  TO THIS SECTION. IN ADDITION, THE TAX RATE FOR ANY TAXABLE YEAR SHALL BE
   39  DETERMINED  AS  IF  NO  PARCELS  ARE  SUBJECT  TO  A FIXED REAL PROPERTY
   40  ASSESSED VALUE PURSUANT TO SECTION FOUR HUNDRED THIRTY-ONE OF THIS CHAP-
   41  TER. HOWEVER, THE TAX RATE SO DETERMINED SHALL BE APPLIED TO THE TAXABLE
   42  ASSESSED VALUE OF  EACH  PARCEL  AFTER  ACCOUNTING  FOR  ALL  APPLICABLE
   43  EXEMPTIONS.
   44    2.  TAX  SAVINGS.  THE  TAX SAVINGS FOR EACH PARCEL SUBJECT TO A FIXED
   45  REAL PROPERTY ASSESSED VALUE PURSUANT TO SECTION FOUR HUNDRED THIRTY-ONE
   46  OF THIS CHAPTER SHALL BE COMPUTED BY  SUBTRACTING  THE  AMOUNT  ACTUALLY
   47  LEVIED AGAINST THE PARCEL FROM THE AMOUNT THAT WOULD HAVE BEEN LEVIED IF
   48  NOT  FOR  THE FIXED REAL PROPERTY ASSESSED VALUE. A STATEMENT SHALL THEN
   49  BE PLACED ON THE TAX BILL FOR THE PARCEL IN SUBSTANTIALLY THE  FOLLOWING
   50  FORM: "YOUR TAX SAVINGS THIS YEAR RESULTING FROM THE FIXED REAL PROPERTY
   51  ASSESSED VALUE IS $____."
   52    3.  STATE  AID. (A) THE TOTAL TAX SAVINGS DULY PROVIDED BY EACH TAXING
   53  AUTHORITY PURSUANT TO THIS SECTION SHALL BE A STATE CHARGE, WHICH  SHALL
   54  BE PAYABLE AS PROVIDED IN THIS SUBDIVISION.
   55    (B)  A  TAXING  AUTHORITY  SEEKING  STATE AID PURSUANT TO THIS SECTION
   56  SHALL SUBMIT AN APPLICATION THEREFOR TO THE COMMISSIONER.  THE  APPLICA-
       A. 5571                             3
    1  TION  SHALL  INCLUDE SUCH INFORMATION AS THE COMMISSIONER SHALL REQUIRE.
    2  IN ADDITION, EACH TAXING AUTHORITY SHALL FILE A COPY OF SUCH APPLICATION
    3  WITH THE COUNTY CLERK OF THE COUNTY IN WHICH AN ELIGIBLE PARCEL IS SITU-
    4  ATE.
    5    (C)  UPON  APPROVING  AN  APPLICATION  FOR  STATE AID PURSUANT TO THIS
    6  SECTION, THE COMMISSIONER SHALL COMPUTE AND CERTIFY THE AMOUNTS  PAYABLE
    7  TO  THE TAXING AUTHORITY. SUCH STATE AID SHALL BE PAYABLE UPON THE AUDIT
    8  AND WARRANT  OF  THE  STATE  COMPTROLLER  FROM  VOUCHERS  CERTIFIED  AND
    9  APPROVED BY THE COMMISSIONER.
   10    (D)  THE  COMMISSIONER MAY AUDIT AN APPLICATION FOR STATE AID PURSUANT
   11  TO THIS SECTION WITHIN ONE YEAR AFTER AUTHORIZING  PAYMENT  THEREON.  IF
   12  THE  COMMISSIONER SHOULD DISCOVER THAT A TAXING AUTHORITY HAS RECEIVED A
   13  GREATER OR LESSER AMOUNT OF SUCH AID THAN IT SHOULD HAVE  RECEIVED,  THE
   14  COMMISSIONER  SHALL  SO NOTIFY THE TAXING AUTHORITY, AND SHALL CAUSE THE
   15  NEXT PAYMENT OF SUCH AID TO THE TAXING AUTHORITY TO BE ADJUSTED  ACCORD-
   16  INGLY.
   17    4.  INSTALLMENT  PAYMENTS.  WHEN  REAL  PROPERTY  TAXES ARE PAYABLE IN
   18  INSTALLMENTS PURSUANT TO LAW, THE TAX SAVINGS PROVIDED BY  THIS  SECTION
   19  SHALL BE APPLIED PROPORTIONALLY AGAINST THE RESPECTIVE INSTALLMENTS.
   20    5.  UNTIMELY  PAYMENT  OF TAXES. WHEN TAXES ON A PROPERTY SUBJECT TO A
   21  FIXED REAL PROPERTY ASSESSED VALUE  PURSUANT  TO  SECTION  FOUR  HUNDRED
   22  THIRTY-ONE  OF  THIS  CHAPTER ARE NOT PAID IN A TIMELY MANNER, INTEREST,
   23  PENALTIES AND ANY OTHER APPLICABLE CHARGES SHALL BE IMPOSED ONLY AGAINST
   24  THE BALANCE DUE AFTER THE TAX SAVINGS PROVIDED BY THIS SECTION HAVE BEEN
   25  DEDUCTED FROM THE TAXES OWED.
   26    S 3. This act shall take effect immediately and shall  apply  to  real
   27  property with a taxable status date after such date.